Costco cashes in on sale of former Kelowna property

The old Costco property and warehouse in Kelowna have been sold.

BC Assessment shows the property at Highways 97 and 33 was sold on Apr. 13, of this year for $31.2 million, $7,000 less than the 2021 assessed value. It valued the 11 acres of land at $27,114,000 and the warehouse at $4,093,000.

Costco opened its new store at 2125 Baron Road in February. The move met with significant opposition from area residents, mostly over traffic issues. The neighborhood around the warehouse is made up of townhouses, apartment buildings and seniors’ homes.

In approving the relocation, the city council ultimately decided that Costco had made sufficient efforts to remedy potential issues, with plans to invest around $2.5 million to partially fund upgrades for neighboring roads. Those upgrades include new turning lanes onto Leckie Road off Highway 97, which are currently underway.

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